SBI Home Loan gives you the best interest rate of 7.55% for your dream home loan. You can also check the details of your loan by using the SBI home loan EMI calculator which tells you the total interest on your loan for a desired tenure.
SBI Bank is the largest public sector bank in India. It offers dependable housing schemes at affordable and competitive lending rates for Home Loans. The SBI Home Loan EMI Calculator allows the borrower to estimate the monthly installment and thus make an informed decision regarding the loan principal and loan tenure.
SBI Bank Home Loan EMI Calculator is a vital financial tool. It is helpful in decision-making as it helps the borrower calculate the monthly loan instalments before applying for the loan in 2022. It is easy to use and promises accurate results. To use the SBI Home Loan EMI Calculator online, the steps involved are:
On submission of the above parameters, the SBI Bank Home Loan EMI Calculator will calculate the EMI value corresponding to the inputs. The EMI value, along with the breakup of the total amount in terms of interest and principal, will be shown graphically and in a tabular form.
SBI Bank is known for the competitive rate of interest offered on home loans. But despite being the lowest and the most affordable, there remains the need for being aware of the absolute amount of EMI value payable and the total interest component for the selected principal amount and loan term.
This information can be effectively sought through SBI Home Loan Interest Rate 2022 EMI calculator. The SBI Bank Home Loan EMI Calculator works on the mathematical formula EMI = P x r x (1 + r) n / ((1 + r) n – 1).
P = Home loan principal amount
r = rate of interest offered on SBI home loan
n = the loan term expressed in a number of months.
By entering the values of the three parameters (P, r, and n) in the SBI Bank home loan EMI formula, the borrower can gauge the corresponding EMI value. The result will also show the total interest component of the home loan. This is the total cost of the loan. The borrower can make adjustments to the entered value to get different EMI results for various situations. This can enable the borrower to know the principal amount and the loan term to apply for.
Know in detail: Simple Interest Formula Calculation.
In order to get a home loan, the bank will first assess your financials in order to confirm whether you are able to pay the EMI on time. Since it is also debt, SBI takes into account the salary or income of the applicant before deciding on the loan amount.
You can also look at the general eligibility criteria for a home loan which includes the minimum age criteria, income, and work experience for both salaried and self-employed individuals.
The general eligibility criteria based on which SBI accepts home loan applicants for both salaried and self-employed individuals are as follows:
| Eligibility Criteria | For Salaried | For Self-employed |
|---|---|---|
| Minimum Age | 18 Years | 18 Years |
| Maximum Age | 70 Years | 70 Years |
| Minimum Income | Rs. 1,20,000 (p.a.) | Rs. 2,00,000 (p.a.) |
| Loan Amount Offered | As per financial profile | As per financial profile |
| Maximum Loan Tenure | 30 Years | 30 Years |
| Work Experience | 2 Years | 3 Years |
Additional Info: Check Banglarbhumi West Bengal Land Record in detail
The following table shows the Home Loan EMIs for different banks in 2022.
| Name of Bank | Loan Amount | Loan Tenure | Interest Rate | Total EMI | EMI per lakh |
|---|---|---|---|---|---|
| SBI Bank | Rs. 50 lakh | 20 years | 7.55% p.a. | Rs. 40,433 | Rs. 809 |
| ICICI Bank | Rs. 50 lakh | 20 years | 7.60% p.a. | Rs. 40,586 | Rs. 812 |
| HDFC Bank | Rs. 50 lakh | 20 years | 7.55% p.a. | Rs. 40,433 | Rs. 809 |
| IDFC First Bank | Rs. 50 lakh | 20 years | 7.50% p.a. | Rs. 40,280 | Rs. 806 |
| IDBI Bank | Rs. 50 lakh | 20 years | 7.50% p.a. | Rs. 40,280 | Rs. 806 |
| Yes Bank | Rs. 50 lakh | 20 years | 8.95% p.a. | Rs. 44,826 | Rs. 897 |
7 out of 10 times, people ask us this question. So, here we are answering it right here.
Currently the lowest home loan interest rate is 7.55%. But, this is the most ideal rate which is mostly offered to govt officials or individuals who are in top companies. For people who are working in a decent organization or running their own businesses, this SBI home loan interest rate can somewhere be around 7.55%.
So assuming your tenure to be 30 yrs, below are the details about the interest payable along with the monthly EMI details on your SBI home loan.
| Loan Amount | Rs. 50,00,000 |
| Interest Rate | 7.55% |
| Tenure | 360 months |
| Monthly EMI | Rs. 35,132 |
| Total Interest Outgo | Rs. 76,47,546 |
| Total Amount (Principal+Interest) | Rs. 1,26,47,546 |
Additional Info: Also Check Any RoR Gujarat Land Record
Let’s see the difference between the EMI, interest outgo and total payable for a tenure of 20 and 30 yrs.
| Details | For 20 yrs | For 30 yrs |
|---|---|---|
| Loan Amount (in Rs.) | 20 | 20 |
| Interest Rate (in %) | 7.55 | 7.55 |
| Tenure (in months) | 240 | 360 |
| Monthly EMI (in Rs.) | 15,267 | 13,039 |
| Total Interest Outgo (in Rs.) | 18,81,536 | 26,93,861 |
| Total Amount (Principal+Interest) (in Rs.) | 38,81,536 | 46,93,861 |
You can usually get a home loan of upto 60 times your salary. However, lenders use 2 basic methods to assess your eligibility after factoring in your income and expenditure statement
This is the simplest method to calculate personal loan eligibility. In this method, the lender applies a multiplier to your net take-home salary. This multiplier is actually a function of your company profile (reputation, stability, size, and annual turnover) and the take-home salary. If you earn a good salary and work in a company with a good reputation, this multiplier will be high enough and it will impact your personal loan eligibility in a positive way. It will also mean that you will be able to get the best personal loan rates too.
In this method, the lender considers the ratio of your fixed income to obligations. It ascertains the maximum EMI you can spend, with regard to your net monthly income and expenses (such as existing EMIs and rents). Usually, lenders accept about 50% of your monthly income to be consumed by EMIs or other fixed obligations. If such obligations exceed further, the bank may either reduce the loan amount or may increase the loan tenure. You may also pay back some of the existing short-term loans so that the FOIR gets improved.
So the loan amount for a person earning Rs. 50000 salary can be somewhere around Rs. 30 lacs.
SBI home loan EMI calculator is an ally both for the loan borrower and lending company. The online financial tool apprises the prospective borrower to be aware of the amount that is to be paid monthly to repay the entire loan. The use of the SBI home loan interest rate 2022 EMI calculator benefits the borrower as he is aware of the total cost of the loan and the monthly EMI. Likewise, it benefits SBI Bank as there will be lesser delayed payments and fewer defaults if the borrower makes a well-informed decision. This will help build healthy business relations between the lender and the borrower. Apart from these basic benefits, other benefits of using the SBI Bank Home Loan EMI Calculator are:
Easy Calculation – The mathematical formula of the Home Loan EMI Calculator is complex. The use of the SBI Bank home loan EMI calculator makes this calculation easy. All one needs is the information on the principal loan amount, rate of interest, and loan tenure.
Accurate Calculation – The use of the SBI home loan EMI calculator ensures accuracy. This aids the user in the decision-making process.
Better Financial Planning – Repaying a loan without defaulting requires careful planning. The use of the SBI home loan EMI calculator helps in achieving this. The borrower is aware of the monthly installment amount and, therefore, carefully plans his inflows and outflows to avoid delays and defaults. Through prudent use of the SBI home loan EMI calculator, the borrower can also figure out the required values for the principal amount and loan tenure.
Anytime, Anywhere Access – The SBI home loan EMI calculator is available online. Thus, the online EMI calculator can be used round the clock from anywhere. This adds to customer convenience. Furthermore, the tool can be used any number of times until the ideal EMI amount as per repayment capacity is reached.
Cost of Loan – In addition to the EMI value, the SBI home loan interest rate 2022 EMI calculator also apprises the user of the total interest outflow on the home loan amount. As longer loan tenures have higher interest implications, the borrower can reduce the loan tenure or principal amount to reduce the loan cost.
Amortization Schedule – The SBI home loan EMI calculator provides a useful bifurcation of the principal amount and the interest component of the home loan. The amortization schedule proves especially helpful during loan repayments.
Easy Comparison – By using the home loan EMI Calculator, the borrower can easily compare the EMI values of home loans in 2022 from different lending institutions. Thus, the borrower can choose the best home loan deal.
